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    Cryptocurrency Daily Discussion - May 13, 2019 (GMT+0)

    May 13, 2019

    Cryptocurrency Daily Discussion - May 13, 2019 (GMT+0)

    Daily Discussion - May 13, 2019 (GMT+0)

    Posted: 12 May 2019 05:17 PM PDT

    Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.

    Disclaimer:

    Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

    Rules:

    • All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
    • Discussion topics must be related to cryptocurrency.
    • Comments will be sorted by newest first.
    submitted by /u/AutoModerator
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    All exchanges should implement a friendly-reminder popup when they click anything with the word "bitcoin". This will avoid confusion for newcomers.

    Posted: 12 May 2019 08:22 PM PDT

    EBay Ads Tell World It Will (Finally) Accept ‘Virtual Currency’

    Posted: 13 May 2019 02:41 AM PDT

    CONSENSUS PICS: Speculation eBay will soon accept crypto

    Posted: 13 May 2019 02:04 AM PDT

    In the last year, over 32 Million crypto wallets have been created, along with 7.1 Million global users. Consider the rapid growth of the last few days, choosing the right wallet now is more important than ever

    Posted: 13 May 2019 04:01 AM PDT

    Leaked images from NY consensus 2019 suggests ebay might soon start accepting crypto

    Posted: 13 May 2019 03:01 AM PDT

    Tron (TRX) Taking the Heaviest Hits: CTO and Co-Founder Left The Project

    Posted: 12 May 2019 03:25 PM PDT

    Bitpanda adds gold and silver trading to the platform

    Posted: 13 May 2019 04:53 AM PDT

    Yesterday I sent 100 EUR via Western Union

    Posted: 13 May 2019 02:50 AM PDT

    I sent 100 EUR via WU, and the sending fee was 13 EUR plus 2.5EUR they took on the bad exchange rate. So, basically I paid 15 EUR to send 100 EUR. You could LITERALLY send 1M EUR of ANY cryptocurrency for less money.

    submitted by /u/r3310
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    Bitfinex CTO claims that almost $1 billion has been raised in private token sale

    Posted: 13 May 2019 03:12 AM PDT

    [release] Iexec v3 is releasing wednesday, finally a proper working cloud computing platform.

    Posted: 13 May 2019 02:16 AM PDT

    Someone made a nice teaser for it: https://youtu.be/2i3PpJAwZDE

    However do note that from a trader perspective people may sell the news. Although they have hidden announcements planned for wednesday as well, to prevent people selling. People also expect organic growth after v3 but who knows when that arrives.

    In any case i'm quite excited to see the future of cloud computing, and in my opinion they are ahead in the game versus the competition.

    submitted by /u/borgqueenx
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    Bloomberg: Bitcoin Climbs Above $7,000

    Posted: 12 May 2019 11:32 PM PDT

    Interoperability Becoming A Popular Topic Lately - How Important Is It?

    Posted: 12 May 2019 10:36 PM PDT

    It seems every time I am looking through crypto news lately, the topic of interoperability keeps popping up. More and more blockchains are either working on implementing the technology or beta testing their current technology. Just this week,

    Cosmos has been in the headlines for it's mainnet launch and staking but interoperability is apparently yeas away according to Zaki, the director of Tintermint.

    Blocknet has launched the Beta of its interoperability protocol, Xrouter. Which will allow interoperability between all public and some private blockchains and are already looking for developers. I am not sure how far along they are right now but seem to be much further than Cosmos.

    FLETA are working on their Gateway which will also provide interoperability between popular public blockchains, starting with Ethereum and moving to Tron, EOS as well as more public chains as they launch their mainnet. Their CTO Sam Jeong has also seen the importance of implementing the technology and are focusing heavily on building it out

    ICON, Aion and Wanchain announcing the Blockchain Interoperability Alliance. I have not heard to much about this lately but also interested to see how they are travelling. as well as Komodo, Elastos and Quant already being successful.

    So would you say that interoperability is one main objective of blockchain moving forward in in 2019 and beyond? Also how important do you think it is to the ecosystem as a whole? Obviously having the ability to communicate between blockchains seamlessly will be a large benefit to users, but how much will it affect the individual blockchains in terms of users (supporters)?

    submitted by /u/Mnemonik669
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    What is Cryptojacking? How it Works And How You Can Prevent It

    Posted: 13 May 2019 01:55 AM PDT

    Won't smart oracles achieve the same purpose of interoperabilty?

    Posted: 13 May 2019 12:04 AM PDT

    Both allow connecting and sharing data between blockchains but it seems that smart oracles will achieve this a lot easier than what interoperability does. You have to create the entire blockchain to do this as opposed to just using what's on the blockchain and using an API to share the data with another blockchain... right?

    I know they are different but dont they try and achieve the same puropse pretty much? It seems to me that smart oracles will achieve interoperability easier than building an interoperable blockchain.

    Smart oracles are pretty much an API for blockchains to communicate and share data. If anyone has ever worked with APIs they are so easy to work with plus easy to integrate.

    I guess interoperable blockchains can be better if they can make this integration automatic somehow.

    submitted by /u/wealthjustin
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    $76 mill of FOMO longs got rekt

    Posted: 12 May 2019 04:54 AM PDT

    Binance resuming withdrawals on Tuesday

    Posted: 12 May 2019 09:52 AM PDT

    Heisenberg Capital on Twitter: "Bitfinex raises $1 bn. Great company."

    Posted: 13 May 2019 04:54 AM PDT

    The second biggest stock exchange in Germany and the ninth largest in Europe, has approved the listing of LTC and XRP exchange-traded notes (ETNs).

    Posted: 13 May 2019 04:48 AM PDT

    [Newbie Question] What gives Cryptos value?

    Posted: 12 May 2019 08:10 PM PDT

    We pay for our rent, our food, and our day-to-day products/ essentials with fiat currency, and often times people get into Crypto to cash out in Fiat. Doesn't that mean cryptos don't have any real value atm? It's exchanged, yes, but more so as a trading tool like Forex, yes? Granted I am very new and uninformed to this subject

    Can somebody explain to me the reasoning behind cryptos having value?

    And do you think the value mostly comes from its conversion into Fiat currency? Thank you.

    submitted by /u/redkrom
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    CoinGecko attempts to weed out fake volume exchanges by introducing "Trust Score" for trading pairs and no longer ranks exchanges by Reported Trading Volume.

    Posted: 13 May 2019 05:15 AM PDT

    Gemini's new trading fees are 1.49% + 0.50% convenience fee. What are some other exchanges for US Residents?

    Posted: 12 May 2019 08:38 AM PDT

    I'm done with Gemini after their new fee increase.

    2% fees per transaction over $200 is absolutely ridiculous!

    Gemini Fee Schedule here.

    I'm already verified on Bitstamp, but I've read horror stories about US residents using Bitstamp to deposit/withdraw to/from their US bank accounts.

    Can anyone confirm this difficulty with Bitstamp for US residents?

    Coinbase won't verify me, for whatever reason. Back when I was first trying to get verified, they didn't like that I recently moved and I've never been able to get verified.

    What exchanges do you recommend for US residents?

    submitted by /u/KnownCoder
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    Addressing the theory: "Bitfinex/Tether is causing this pump, related to their hack (Sometimes CZ is involved)"

    Posted: 12 May 2019 06:31 AM PDT

    I have seen this theory discussed pretty often on this sub. With top posts over the last few days including top comments suggesting it is obvious this is happening. I wanted to use this post to address some of the issues with this theory and probably steer conversation away from low content suggesting conspiracy theories are "100%" when, frankly, no where except this sub is such an opinion considered majority.

    1) Bitfinex/Tether 850m dollar hole.

    To be clear here, in November, Bitfinex's payment processor lost access to 850m worth of USD that was currently being withdrawn by users. Anyone who has actually used bitfinex ever for USD withdrawals knows this is a laborious and expensive process (bitfinex charges huge fees on USD Withdrawals).

    Bitfinex is currently under NYAG's scope for the investigation and obviously turning over some documents as they have Merlin's (CFO's) telegram chats. I am skeptical I would choose this moment to commit widespread international market fraud.

    2) Emptying "Tether bags"

    This shit really gets me: "Binance holds one of the biggest tether wallets in the world, they obviously would commit wide-scale fraud to get out of their tether risk"

    First off, those are user deposited funds that users own. Binance doesnt lose anything if tether goes down....Think about it, what makes tether any different than all of the other crypto that Binance was holding user funds for that dropped 80% in a year? These aren't Binance's funds, they are users. I am sure Binance has some tether, but again, they also have risk management for all of their crypto.

    3) Bitfinex/Tether are buying BTC by dumping their "Tether bags" and pumped BTC price.

    This would require an immense, non-trivial effort which immediately makes me think anyone who believes this doesn't actively trade on many exchanges. There is so much wrong with this I will try to break it down:

    Bitfinex "prints" more Tether that isn't backed. This will show up on the blockchain and come directly from the Tether mint. Probably not a good first step if you want to commit fraud.

    Well wherever they send it, I hope they have gone through the extensive KYC and AML process of every major exchange in order to do such size. In order to move the whole market this much they would have to be the biggest liquidity provider with most major spot exchanges. I am sure it wouldn't raise the eyebrows of every single institutional client manager at every exchange if Bitfinex starts trading 10% of their daily volume and ask for the highest withdrawal limits available. No chance.

    Even if they do all of this, they still have to find a way to get the dollars to back up all of the Tether they just "faked" which requires them to get USD back to the bank that the NYAG is currently squeezing by the balls.

    Conclusion

    Overall, I find the idea that Bitfinex and Tether are doing anything other than shitting their pants and trying not to go to jail (much less committing global economic crimes) insane. People on this sub should think harder about these things because frankly, it is pretty embarrassing such conspiracy theories are the party line for a big community.

    submitted by /u/2010NeverHappened
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    Your mobile device may be your biggest vulnerability. Learn how you can stay protected.

    Posted: 12 May 2019 07:28 PM PDT

    You’re in it for tech, right? At the start of hopefully a bull run, take 10 minutes to learn the fundamentals of how Blockchains work so you can inform new people about this revolutionary technology.

    Posted: 12 May 2019 07:27 AM PDT

    Hopefully we are at the start of the bull run which leads to lots of FOMO and hopefully new people becoming interested in Blockchain. Some of you may have invested in blockchain projects for years yet still don't understand what a blockchain is and what makes it trusted, immutable and tamper proof. Do you know what a DAPP is and what it consists of?

    ​

    I wrote an article explaining an overview of blockchain fundamentals which hopefully some will find useful and filling in some gaps, to enable you to explain it to new people and why there is such interest in blockchain technology from not only blockchain enthusiasts but also governments and large enterprises.

    I explain hashing, encryption and digital signatures, difference between a full node and light client, what a DAPP and API is as well as going through an example of how a user signs a transaction and how it gets added to the blockchain.

    ​

    It is part of a series on Quant Network's Overledger however Part One just goes into discussions about blockchain fundamentals and not about the project itself. Part Eight you may also find interesting where it describes the difference between Permissioned and Permissionless blockchains.

    ​

    Hopefully some will learn something new about blockchain and can help spread the knowledge to others. Also, will help you make better investment decisions if you understand the technology behind it.

    ​

    If you have any other references for recommended articles to learn about blockchain please add them to the comments.

    ​

    https://medium.com/@CryptoSeq/quant-networks-overledger-part-one-blockchain-fundamentals-db7fdb43058a

    submitted by /u/xSeq22x
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